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Gold Miners Struggle

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February 05, 2013 – Comments (0)

This morning, many of the leading gold mining stocks are struggling to catch a bid higher on the session. One of the best ways to follow the gold mining sector is to track the Market Vectors Gold Miners ETF (NYSEARCA:GDX). Today, the GDX is trading lower by 0.11 cents to $42.23 a share. The GDX still looks weak on the daily chart as price is trading below the important 50, and 200-day moving averages. Short term traders should watch for intra-day support around the $42.00, and $41.50 levels.

Some leading gold mining stocks that are struggling to trade higher on the session include Randgold Resources Ltd. (ADR) (NASDAQ:GOLD), AngloGold Ashanti Limited (ADR) (NYSE:AU), Gold Fields Limited (ADR) (NYSE:GFI), and Yamana Gold Inc (USA) (NYSE:AUY). The gold mining stocks will be affected by the currency markets, therefore it is important to know where each miner is operating.

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